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The sovereign has finished international funding for 2026
Private placements are not unknown for CEE sovereigns, but this is the biggest for years
A trade from Africa could come this week
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In this round-up, China says it will make the Hainan province a world-class “free trade port”, the May Caixin China general services purchasing managers index beat consensus by a large margin, and the central government will sell over Rmb100bn ($14bn) of treasury bonds next week.
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A subsidiary of China National Chemical Corp (ChemChina) has returned to the market for an €860m dual-tranche loan.
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Chinese e-commerce company JD.com will open books for its Hong Kong secondary listing on Friday after the markets close, according to two sources close to the deal.
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Taiwan-based Chailese Finance Co is seeking a new loan of $50m through its Vietnamese subsidiary. The deal comes about a month after the leasing and financing company launched another transaction through its Singapore entity.
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The Central American Bank for Economic Integration (Cabei) raised $530m-equivalent of debt in Taiwan and Switzerland this week to complete the bulk of its bond financing for the year, leaving the lender to focus on bilateral funding and further investor relations for the rest of the year.
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While leading economists fret about a reckoning to come for emerging market debt in the wake of the coronavirus pandemic, for vast swathes of EM issuers bond market business is brisk. Despite dire data and forecasts, dollar funding costs for some sovereigns are nearing pre-crisis levels as investors grasp at any sort of yield. The rally may have further to run, write Ross Lancaster and Oliver West.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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European Investment Bank: Supporting sustainable development in North Africa